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(Kitco News) - Gold prices ended the U.S. day session slightly up Monday, on a tepid short-covering bounce and a bit of perceived bargain hunting after recent selling pressure. August Comex gold was last up $1.60 at $1,254.10 an ounce. Spot gold was last quoted up $1.70 at $1,254.50. July Comex silver last traded up $0.084 at $19.075 an ounce.

It was another listless trading day Monday. With no major geopolitical events making news headlines, and no major economic data out Monday, the gold and silver markets were quiet.

A main theme in the market place continues to be the bull market runs in U.S. and other major world stock markets. With many of the leading world stock indexes at or near record or multi-year highs, other asset classes like raw commodities, including gold and silver, have seen trader and investor buying interest limited. With extremely low interest rates and scant worries about inflationary price pressures at present, “paper” assets like stocks and bonds have fared better, compared to “hard” assets that tend to see better demand during times of inflation or keener geopolitical uncertainty.

The London P.M. gold fix was $1,253.50 versus the previous A.M. fixing of $1,255.00.

Technically, August gold futures prices closed near mid-range in quieter trading Monday. Gold market bears still have the overall near-term technical advantage. Prices are in a three-month-old downtrend on the daily bar chart. However, the bulls have gained a bit of upside momentum recently but need to show more power soon to suggest a near-term low is in place. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,268.50. Bears' next near-term downside breakout price objective is closing prices below solid technical support at last week’s low of $1,240.20. First resistance is seen at last week’s high of $1,258.20 and then at $1,268.50. First support is seen at $1,250.00 and then at last week’s low of $1,240.20. Wyckoff’s Market Rating: 3.0

July silver futures prices closed near mid-range Monday. Short covering was featured. The silver bears have the solid overall near-term technical advantage. Prices are in a 3.5-month-old downtrend on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $19.50 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at the contract low of $18.615. First resistance is seen at last week’s high of $19.20 and then at $19.40. Next support is seen at Monday’s low of $18.985 and then at $18.75. Wyckoff's Market Rating: 2.0.

July N.Y. copper closed down 85 points at 304.25 cents Monday. Prices closed nearer the session high and hit a four-week low early on. A scandal in the Chinese copper market has hit prices to the downside recently. Copper bears now have the level near-term advantage. Copper bulls' next upside breakout objective is pushing and closing prices above solid technical resistance at 312.50 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 300.00 cents. First resistance is seen at Monday’s high of 305.95 cents and 308.00 cents. First support is seen at today’s low of 301.85 cents and then at 300.00 cents. Wyckoff's Market Rating: 4.0.